Account Types

IRA Account Types

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Traditional IRA


A self-directed Traditional IRA may be opened by any individual with earned income. Cash is contributed into a Traditional IRA “pre-tax,” meaning the contribution is taken as a tax-deduction from earned income for that tax year.

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Roth IRA


Cash is contributed to a Roth IRA “post-tax,” which means contributions are made with taxable earnings for that tax year. Because Roth contributions are taxed when they enter the account, it may be beneficial to open a Roth IRA account when your anticipated yearly income is going to be less, and therefore your tax bracket is lower.

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Simplified Employee Pension (SEP) IRAs are a popular employer plan for self-employed individuals. A SEP IRA allows you to choose the percentage of contribution for any given year (0-25% of earned income) for yourself and your staff.

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The Savings Incentive Match Plan for Employees (SIMPLE) IRA is an IRA-based plan that gives employers an easy way to make contributions toward their employees’ retirement. This is a popular plan for smaller companies – 100 employees or less.

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Inherited IRA


An Inherited IRA, sometimes called a Beneficiary IRA, is an account established by the beneficiary of an IRA to retain the tax advantages of assets held in the IRA of a deceased person.

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Individual 401(k) IRA


A 401(k) is a profit sharing plan for businesses. This type of plan offers the highest contribution amounts available and offers employers flexibility in how the plan is structured. 401(k) plans are employer plans that can be written, to some extent, according to the employer’s specifications.

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HSA (Health Savings Account)


A Health Savings Account (HSA) is a tax-advantaged savings account for current and/or future medical expenses. Coupled with a high-deductible health plan, HSAs offer consumers a way to have more control over their healthcare choices and costs while simultaneously saving for future health expenses.

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Coverdell HSA


Coverdell Education Savings Account (ESA) is a trust or custodial account that is designed exclusively for paying the qualified education expenses of the designated beneficiary of the account. The account must be designated as a Coverdell Education Savings Account when it is created to be treated as a Coverdell ESA for tax purposes.

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